通信行业周报：字节AI产业链方兴未艾，光模块AEC机会显现

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for the upcoming months [1]. Core Insights - The AI server, AIDC (Intelligent Computing Center), switches, copper cable high-speed connections, and liquid cooling sectors have shown significant growth, driven by ByteDance's new AI models and increased domestic demand for computing power [1][3]. - ByteDance's capital expenditure is expected to exceed 150 billion yuan by 2025, primarily for AI computing power procurement and IDC infrastructure [1][3]. - The market for active copper cables is gaining attention, with global shipments projected to reach 20 million units by the end of 2027 [1]. Summary by Sections AI and Server Market - As of November, ByteDance's Doubao app has surpassed 160 million users, with a stable daily download rate of 800,000, positioning it as the leading AI app in China [3]. - The server index increased by 7.89% this week, reflecting strong demand for domestic servers amid Nvidia's antitrust investigation [3]. - Huawei's AI server demand is expected to rise, benefiting domestic server manufacturers and related components like liquid cooling and connectors [3]. Telecommunications and Internet - By the end of October, the total number of fixed broadband users reached 668 million, with 203 million users having access to speeds of 1000 Mbps or higher, marking a 4.7 percentage point increase from the previous year [5]. - The mobile phone user base reached 1.789 billion, with 5G users accounting for 55.6% of the total, a 9 percentage point increase year-on-year [5]. IoT and Module Market - The number of cellular IoT terminal users reached 2.625 billion, with a year-on-year growth of 16.4% [10]. - The report anticipates a recovery in IoT module shipments, with a projected growth of 11% in Q2 2024 [10]. Optical Module Market - The optical module index rose by 11.60% this week, with a cumulative year-on-year growth of 68.21% in exports from January to October [53][17]. - Domestic suppliers are expected to benefit from the increasing demand for high-speed optical modules, with significant growth opportunities in the market [17]. Industry Trends - The report highlights the expected growth in the AI-related supply chain, particularly in servers, IDC, switches, and liquid cooling sectors, driven by advancements in AI technology and domestic demand [1][3][17]. - The switch market is projected to reach a size of 43.867 billion USD by 2025, with a shift towards higher-speed switches [47].